Jdax - I use 5 min chart and the hourly to see the bigger picture. My own style of trading £ means that the 5 min chart is most effective for me. RSI/slow stochs. I dont tend to position for a days or weks ahead and probably trade 95% on a day trade.
WelshDragon
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gbp/usd
thats why the gbp/usd has been hardly any movement today, is it!!! If blair loses the vote then he will be up for confidence vote and that will def affect the pound my friend.
At the moment no fx dealer worth his/her salt is trading the gbp/usd in great quantitiy plus the fact that it has retracted by 50% fibo test.
Sound to me like your a bit of a gambler as opposed to a realist.
thats why the gbp/usd has been hardly any movement today, is it!!! If blair loses the vote then he will be up for confidence vote and that will def affect the pound my friend.
At the moment no fx dealer worth his/her salt is trading the gbp/usd in great quantitiy plus the fact that it has retracted by 50% fibo test.
Sound to me like your a bit of a gambler as opposed to a realist.
kevinmcm said:
Thanks - I'm a scale down using 1m for entries and 5m for direction. In fact that's a bit of a lie because I'm only paper trading !. I'll use D4F soon but Oanda for better charts (even though the prices don't exactly match it looks like the range is about the same).
Still, I can see the bigger timeframe will get you a longer run. I guess same principal applies for even bigger timeframes.
I'm still a novice and keeping an open mind re timeframes. Starting out the smaller timeframe suits me because it's a smaller stop. Later I'm aimong for longer trades.
WelshDragon
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kevincm
Sorry that gambler comment was uncalled for, as I see you are a senior member and you have your own trading strat.
Your are right the BoE interest rate is going to move the market but that won't be for a month. I was talking about the next 4 weeks of trading which is why from my point of view until this blair thing sorts it selfout then I see no real direction within gbp.
Of course there is money to be made trading even when the market is stagnent like today as there have been +50/-50 runs etc.
In reality who cares whether blair loses the top up bill and it certainly shouldn't affect the gbp but if he did lose it and then lost his leadership then that could in the very short term lower the pound, which of course doesn't matter to us as we would take short positions.
So I see your point of view you have your own trading strat and it doesn't matter about what is going on just so matter that we get the direction of the market right and make money.
Sorry that gambler comment was uncalled for, as I see you are a senior member and you have your own trading strat.
Your are right the BoE interest rate is going to move the market but that won't be for a month. I was talking about the next 4 weeks of trading which is why from my point of view until this blair thing sorts it selfout then I see no real direction within gbp.
Of course there is money to be made trading even when the market is stagnent like today as there have been +50/-50 runs etc.
In reality who cares whether blair loses the top up bill and it certainly shouldn't affect the gbp but if he did lose it and then lost his leadership then that could in the very short term lower the pound, which of course doesn't matter to us as we would take short positions.
So I see your point of view you have your own trading strat and it doesn't matter about what is going on just so matter that we get the direction of the market right and make money.
Hi,
Just thought id post again on the thread, been busy reading about joe ross and studying the forex while still trading the dow! Thanks mheitkoe by the way. Im staying out of the game of forex at the moment just studying.
Options - i hear what you saying bout trying forex considering i trade the dow. At the moment the size of the moves is a little daunting as it can move like 100 - 200 or even more pips a day! Do you know any companies that will allow me to trade at less than £1 per point? If im gonna trade i wanna start really small!
Thanks :cheesy:
Just thought id post again on the thread, been busy reading about joe ross and studying the forex while still trading the dow! Thanks mheitkoe by the way. Im staying out of the game of forex at the moment just studying.
Options - i hear what you saying bout trying forex considering i trade the dow. At the moment the size of the moves is a little daunting as it can move like 100 - 200 or even more pips a day! Do you know any companies that will allow me to trade at less than £1 per point? If im gonna trade i wanna start really small!
Thanks :cheesy:
The SB comapnies are generally £1 per point min although I think Finspreads allows 50p min. (I am not sure if they are any good for fx though- never used them).
Have a look at fxcm. 1 mini lot with them on eur/gbp and gbp/usd currently equates to 50 to 55p per point.
Have a look at fxcm. 1 mini lot with them on eur/gbp and gbp/usd currently equates to 50 to 55p per point.
WelshDragon
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Get ready to buy gbp as its about to hit a session low before mild recovery tomorrow proberly upto 1.280. Watch your charts, its only because of the US fed announcement yesterday at 19.15pm that brought out the shorts and that will give the dollar a boast maybe? until the end of this week.
WelshDragon
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I've posted a reply regarding which FX company to use, see it on post Forex>Which FX companies to use
UK interest rate decision
Hi all,
Does anyone know what time the BofE is likely to announce their interest rate decision tomorrow?
If rates do go up, any predictions as to how USD/GBP will react in the short term? Your opinions, as always, would be greatly appreciated...
Hi all,
Does anyone know what time the BofE is likely to announce their interest rate decision tomorrow?
If rates do go up, any predictions as to how USD/GBP will react in the short term? Your opinions, as always, would be greatly appreciated...
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TheBramble
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FWIW I think the rate hike will go ahead. Although nominally independent of government 'wishes' they don't have a lot of room to manoeuvre in current economic conditions.
My guess is that it's already factored into the FX market...but that is just a guess.
My guess is that it's already factored into the FX market...but that is just a guess.
WelshDragon
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Time: BoE announcement 12am Gmt
This has already been factored in the market gbp/usd BUT we will see large 50-100 pip moves and large volitility tomorrow anyway. I think the buyers will use BoE rate day to move gbp up, however theres always the poss the BoE announces something different other than the expected %. So expect the unexpected.
Today the trend suggested the market moved in a 50-60 pip north and south direction. As I think the traders are waiting4tomorrow+the market is unsettled as of late.
Later
This has already been factored in the market gbp/usd BUT we will see large 50-100 pip moves and large volitility tomorrow anyway. I think the buyers will use BoE rate day to move gbp up, however theres always the poss the BoE announces something different other than the expected %. So expect the unexpected.
Today the trend suggested the market moved in a 50-60 pip north and south direction. As I think the traders are waiting4tomorrow+the market is unsettled as of late.
Later
As the EUR/$ and £/$ are both tracing out approximately the same pattern, I assume
1- That 'no' rate hike is what has been 'factored ' in and/or
2- It is actually the $ that is influencing the markets.
Both seem likely,imo
anyway, does it matter ?. Just trade what you see.
1- That 'no' rate hike is what has been 'factored ' in and/or
2- It is actually the $ that is influencing the markets.
Both seem likely,imo
anyway, does it matter ?. Just trade what you see.
WelshDragon
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Re:Bonzai
Poss you right its the usd thats moving the market BUT come on the gbp/usd has been all over the place as we all know for the last 2 weeks with what I see as unknow but influencial movement trends present.
Yes trade what you see, but tomorrow, sorry i mean today i think will see 100 pip moves each direction.
Sadly i will be away from my terminal thursday and worst all I took a long position in Nasdaq last night when it hit rock bottom (profits warning from nasdaq 100 company hit the market) so I'm looking for a recovery tomorrow and a strong dollar would be helpfull as well for me.
Good Fortune tomorrow
Poss you right its the usd thats moving the market BUT come on the gbp/usd has been all over the place as we all know for the last 2 weeks with what I see as unknow but influencial movement trends present.
Yes trade what you see, but tomorrow, sorry i mean today i think will see 100 pip moves each direction.
Sadly i will be away from my terminal thursday and worst all I took a long position in Nasdaq last night when it hit rock bottom (profits warning from nasdaq 100 company hit the market) so I'm looking for a recovery tomorrow and a strong dollar would be helpfull as well for me.
Good Fortune tomorrow
nickerson334
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looks a reasonable buy at 1.8600. out 1.8725? Quite a heavy loss with initial stop under support at 1.8635 though. Only way to avoid that is to get in now and I'm not 100% convinced the signal is clear enough. What's your rational?
I've got:
PRO
1) 3:1 Pr ratio
2) on uptreand line
3) looking like a flag consolidation.
4) above 50 day EMA
CON
1) MACD pointing south
I'm in at 1.8575 out at 1.8725. Stop at 1.8535.
I'm also short on the E/$, target 1.2580 with stop loss at 1.2708 so it's a hedge of sorts.
I've got:
PRO
1) 3:1 Pr ratio
2) on uptreand line
3) looking like a flag consolidation.
4) above 50 day EMA
CON
1) MACD pointing south
I'm in at 1.8575 out at 1.8725. Stop at 1.8535.
I'm also short on the E/$, target 1.2580 with stop loss at 1.2708 so it's a hedge of sorts.
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nick
agree with your flag, but I'm lookin at the triangle in the 15 min, it's at the business end & nudging the bottom line....also the 30 min trendline from 8320 has been breached, so am shaking me head at any more upside for the time being!......if it clips 8625 north then it has a clear run up....but a dip below 8525, sends this thing scampering back towards 8470 & 8370 respectively????.....not using indicators mate (and don't we ALL see different things from similar charts!!!).......dunno, I just think it's due for a breather.....
.......anyone else care to pitch in??
.......famous last words...... ....looks like I might just be standing you a 'large one' nick me boy!!!!........
agree with your flag, but I'm lookin at the triangle in the 15 min, it's at the business end & nudging the bottom line....also the 30 min trendline from 8320 has been breached, so am shaking me head at any more upside for the time being!......if it clips 8625 north then it has a clear run up....but a dip below 8525, sends this thing scampering back towards 8470 & 8370 respectively????.....not using indicators mate (and don't we ALL see different things from similar charts!!!).......dunno, I just think it's due for a breather.....
.......anyone else care to pitch in??.......famous last words......
....looks like I might just be standing you a 'large one' nick me boy!!!!........
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